Table 9.

Key findings regarding the correlation between cryptocurrency and stock market during the COVID-19.

Author/s	Cryptocurrency Used	Sample (Countries)	Key Findings
Jeribi et al. (2021)	Bitcoin, Dash, Ethereum, Monero, and Ripple	BRICS (Brazil, Russia, India, China, and South Africa) stock markets	•During the COVID-19 financial crisis, Bitcoin, Ethereum, Dash, Monero, and Ripple were discovered to be a safe haven for three developing economies (Brazil, China, and Russia).
Lahmiri and Bekiros (2021)	45 Cryptocurrency markets	16 International Equity markets	•The pandemic of COVID-19 has had a substantial impact on the long-term return and volatility of cryptocurrencies and international stock markets.
Umar and Gubareva (2020)	Bloomberg Galaxy Crypto Index (BGCI)	EUR, GBP, RMB	•All PI-currency pairings exhibit comparable patterns over time and frequency scales in their individual heatmaps, revealing a high degree of coherence and dependency around the COVID-19 panic's apogee in mid-March.
Conlon et al. (2020)	Bitcoin, Ethereum and Tether	US (S&P 500), UK (FTSE 100), Italy (FTSE MIB), Spain (IBEX), and China (CSI 300)	•Bitcoin and Ethereum are not a safe haven currency for the vast majority of foreign equities markets assessed during the course of the covid-19 era. •Tether is found to act as a safe haven over the most recent period including the COVID-19 crisis.
Mariana et al. (2021)	Bitcoin and Ethereum	USA (S&P500)	•Bitcoin and Ethereum are appropriate as safe havens for the near term. •Ethereum is preferable than Bitcoin as a safe haven when the stock market goes down quickly. •Ethereum has a higher rate of return volatility than Bitcoin.
Corbet et al. (2020)	Bitcoin	China (CSI 300)	•Gold and other cryptocurrencies don't have a big impact on the Chinese stock market as assessed by the price of Bitcoin in China.
Grobys (2021)	Bitcoin	USA (S&P500)	•The drop in the price of Bitcoin was not just caused by the COVID-19 pandemic. It was also caused by problems with cryptocurrency exchanges' market microstructure.
Yousaf and Ali (2021)	Litecoin, Bitcoin, and Ethereum	USA	•During the pre-COVID-19 era, return overflow and instability between the US stock market and the crypto market were low.
Caferra & Vidal-Tom´as (2021)	Bitcoin and Ethereum	USA and Eurozone (France and Germany)	•Both cryptocurrency and stock values plummeted precipitously during COVID-19. Despite this correction, cryptocurrencies immediately recovered, while the stock market remained in bad territory.